Question: Elliot Mess exchanged a 12-unit apartment complex worth $320,000 (basis = $200,000) with Alfred Cappy for a warehouse property worth $325,000. Elliot also paid cash

Elliot Mess exchanged a 12-unit apartment complex worth $320,000 (basis = $200,000) with Alfred Cappy for a warehouse property worth $325,000. Elliot also paid cash of $5,000. How much is Elliott's gain or loss recognized? $-0- $120,000 $5,000 $5,000 How much is Elliott's basis in the warehouses that he receives? $205,000 $210,000 $200,000 $315,000

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